Abstracting and managing leases can be hard. What makes it even more complex are the new accounting standards that went into effect. Companies are scrambling to adopt a lease administration software solution in order to simplify adherence to these new standards and avoid penalties. However, choosing a lease administration software solution that meets a company’s need can be tricky. Let’s look at some tips that will come in handy in selecting the best lease administration software.
- The software should be FASB ready. This will help save time and cost in implementing the new accounting standards and avoid non-compliance related financial risks.
- It is good to choose a software vendor whose software’s IFRS calculations have been validated by an outside auditor.
- The lease administration software should support all types of leases, including office, retail, equipment or vehicle.
- The software should provide advanced reporting features that help track, analyze and communicate the performance of your CRE portfolio.
- The software should be capable of maintaining the integrity and safety of the lease data.
- Consider selecting a firm which also provides implementation and consulting support.
To sum up – Choose functionality over affordability. If an offer is too good to be true then it probably is. Take time to research the best lease administration software and evaluate whether it supports your lease administration requirements. Invest in a solution that is scalable and can help create and implement consistent and efficient lease administration process today and into the future.
RE BackOffice can help you choose
RE BackOffice has been offering lease abstraction and administration services since 2006. We have extensive experience in leading lease abstraction and administration platform. Contact us at firstname.lastname@example.org or visit our website www.rebackoffice.com or call 412-567-0010 and we can help you make the right choice in lease administration software.